Loonie Gains After Good Employment Report

The Canadian dollar gained today after data showed that employment grew with decent pace last month, suggesting that economic recovery is proceeding in the North American country.

Canadian employment added 21,600 jobs in November after expanding by 13,200 in October. The employment change was in line with forecasts. The unemployment rate remained steady at 6.9 percent.

US employment data was also released today, creating huge volatility on the Forex market. It makes hard for traders to asses impact of other reports. It looks, though, like the Canadian report is going to help the loonie to gain. Canada’s currency has already jumped versus the Japanese yen.

USD/CAD fell from 1.0652 to 1.0638 as of 14:09 GMT today after climbing to 1.0705. EUR/CAD edged lower from 1.4559 to 1.4541. CAD/JPY surged from 95.51 to 96.43.

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